Wells Fargo & Co. has disclosed that the number of new accounts fraudulently created by bank employees is substantially higher than originally reported.

Last September, the San Francisco-based bank-holding company revealed that 2.1 million bank accounts had been created without the customers’ permission.

The scandal resulted in the termination of more than 5,000 employees, the ouster of its chief executive officer and the resignation of the three directors — including the chairman of the board.

Source: Mortgage Daily